A “no” vote could pave the way for state intervention to prop up the bank. Italy is discussing with the European Commission the terms of a state bailout that has already been requested and could be launched next week if needed, Italian daily Corriere della Sera reported on Friday.

That would almost certainly entail losses for the bank’s subordinated bondholders, in line with tougher European rules for dealing with bank crises that came into force this year.

Corriere della Sera said Rome and the Commission were still debating to what extent retail investors who hold the bank’s junior debt could be spared.